09.05.202404:59 Forex Analysis & Reviews: Forecast for EUR/USD on May 9, 2024

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EUR/USD

Yesterday, the euro was in a calm state, as accurately warned by the Marlin oscillator, gradually falling on the daily chart. The US Treasury auction did not strengthen the dollar.

The situation remains the same – the price strives to overcome the support at 1.0724, while Marlin is trying to move into the downward zone, which will help the euro reach the target range of 1.0636/56. Surpassing this range will open up the target of 1.0567.

On the 4-hour chart, the price is consolidating above the balance (red) and MACD (blue) indicator lines. The Marlin oscillator has settled on a downward trajectory and is attempting to pull the price down. If the price breaks below the support at 1.0724, this may accelerate the pair's decline.

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